‘Veto saved SSS’

By Chino S. Leyco, Genalyn D. Kabiling, and Liza T. Agoot President Aquino’s decision to veto the P2,000 increase in Social Security System (SSS) pension prevented the potential collapse of the pension fund. Emilio S. de Quiros Jr., SSS president and chief executive, stressed this yesterday, adding that the P2,000 pension increase would lead to a projected deficit of P26 billion for this year alone. “As the number of pensioners grows, the initial P56 billion in additional benefit outlay per year would increase, which in turn contributes to the rising annual deficit or net loss incurred by SSS,” De Quiros said. INDIGNATION RALLY – A Social Security System (SSS) pensioner voices out his outrage over the decision of President Aquino to veto a bill increasing the SSS pension by P2,000 during a protest rally held in front of the Chino Roces Bridge in Mendiola, Manila yesterday. (Federico Cruz) President Aquino [...]